U.S. oil futures swing between gains and losses in listless trade

By: Investing.com

Posted: 3/31/2014 4:12:00 AM

Referenced Stocks:

Investing.com -

Investing.com - U.S. oil futures swung between small gains and
losses to hold near a three-week high on Monday, as hopes for fresh
economic stimulus in China and a continued U.S. economic recovery
lent support.

On the New York Mercantile Exchange,West Texas Intermediate
crude oil for delivery in May held in a range between $101.35 a
barrel and $101.71 a barrel.

Nymex oil last traded at $101.61 a barrel during European
morning hours, down 0.06%, or 7 cents.

The May contract rose to $102.24 a barrel on Friday, the highest
since March 10, before trimming gains to settle at $101.67 a
barrel, up 0.39%, or 39 cents.

Futures were likely to find support at $100.03 a barrel, the low
from March 27 and resistance at $102.24 a barrel, the high from
March 28.

Oil remained supported amid indications that China's government
is prepared to do more to shore up the cooling economy after
China's premier Li Keqiang said Friday that the country has
policies in place to counter economic volatility.

The remarks helped ease concerns over recent signs of a slowdown
in the world's second-largest economy.

China is the world's second largest oil consumer after the U.S.
and has been the engine of strengthening demand.

Investors are looking ahead to Friday's U.S. nonfarm payrolls
report for March, amid expectations for jobs growth of 200,000,
after 175,000 jobs were added in February.

A recent batch of upbeat U.S. economic data added to hopes that
the slowdown in economic activity seen at the start of the year
would be temporary.

Elsewhere, on the ICE Futures Exchange in London, Brent
oilfutures for May delivery eased down 0.23%, or 25 cents, to trade
at $107.82 a barrel, while the spread between the Brent and U.S.
crude contracts stood at $6.21 a barrel.